Financial Habits of Consumers with High Credit Scores

November 7, 2012, Written By Lynn Oldshue
Financial Habits of Consumers with High Credit Scores

FICO recently released a study that gives details about the financial habits of the 50 million consumers with the highest credit scores.

FICO scores range from 300 to 850 and any score above 785 is considered very high. Approximately 25 percent of consumers fall into this high achiever category.

FICO’s research shows these high achievers constantly make payments on time, keep their balances low and only apply for the credit that they need.

Ninety-six percent showed no missed payments on their credit report. They also have well-established credit accounts, rarely opening new credit accounts. Their average credit account is 11 years old.

These high achievers are doing many things well, but they still carry debt. They have an average of seven credit cards–including closed accounts–and an average of four credit cards have a balance. However, they keep these balances relatively low, only using an average of 7 percent of their available revolving credit. One-third of these consumers with high credit scores have total balances of more than $8,500 on non-mortgage accounts.

Some high achievers have overcome financial problems. One in 9,000 had a tax lien or bankruptcy on their credit report. One in 100 had a debt collection listed on their credit report.

This entry was posted in Credit Card News and tagged credit cards , credit reports , credit scores , FICO , debt

The information contained within this article was accurate as of November 7, 2012. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for for twelve years. She majored in public relations at Mississippi State University.
View all posts by Lynn Oldshue